Dongkuk Steel Mill Co., South Korea’s third-biggest steel producer, announced plans to increase the steel plate price from US$687/MT to US$741/MT which is effective from May 15.

They also ever rose the price by 8 percent in October last year due to steel material price increased on slab.

Dongkuk Steel has an annual capacity of 1.5 million tons for this product, while Posco, the world’s third-biggest steelmaker, its production volume is 2.5 million tons per year.

The main application of this kind of steel plate is for shipbuilding.